Venture Smart Financial Holdings Ltd. (VSFG), a financial services company based in Hong Kong, is gearing up to apply for a spot Ethereum exchange-traded fund (ETF) in preparation for potentially launching a spot Bitcoin ETF in the first quarter.
According to Chairman Lawrence Chu in an interview with The Block on Friday, VSFG is in the final stages of submitting its application for a spot Bitcoin ETF to the Hong Kong Securities and Futures Commission.
Chu also mentioned that extensive regulatory discussions usually occur prior to submitting an application in Hong Kong, and their submission means they are almost 95% ready.
Chu added that the company is aiming for a spot Ethereum ETF submission in the second quarter, assuming their spot Bitcoin ETF is approved and listed in the first quarter.
He also stated that they will be ready depending on their conversation with the regulator. In a separate report, Livio Weng, the chief operating officer of Hong Kong crypto exchange HashKey, stated around 10 fund companies are looking into launching potential spot crypto ETFs in the city.